iCrowd Newswire – Oct 9, 2020
Today, people have a number of transportation facilities to choose from as per their convenience. If someone is not inclined towards buying a private car, they can still enjoy the benefits by availing ride hailing services. The emergence of companies such as Ola and Uber have further made these services relatively cheap. Moreover, as the disposable income of people is increasing, they can easily opt for ride hailing or carsharing services. These mobility services, however, have not been successful when it comes to first and last-mile transportation, as the cost for such short distances become quite high for the average person.
This is where micromobility solutions can come into play, since these services allow people to cover distances that are less than 5 miles per trip. In addition to this, micromobility services are cheaper than ride hailing or carsharing services. Take for example, the revenue structure of bike sharing services, which is $0.5 initially, with an additional cost of $0.5 per 30 minutes. Attributed to these factors, the global micromobility market is predicted to generate a revenue of about $9.8 billion by 2025, increasing from $3.0 billion in 2018, progressing at a 19.9% CAGR during the forecast period (2020–2025).
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Scooter sharing, bike sharing, and kick scooter sharing are the three types of micromobility services, among which, the demand for bike sharing services has been the largest up till now. The major reasons for this are that these services make short-distance commuting convenient and less costly than other mobility services. The domain if further registering penetration of dockless sharing concept across the globe, particularly for electric bikes, and entry of new companies. Major companies offering bike sharing services, including Didi Chuxing, Uber, and Lyft, are also entering into partnerships or acquiring new players for offering integrated services to customers.
Other than this, the demand for kick scooter sharing services is also projected to grow substantially in the near future. The kick scooter sharing concept was first introduced in the U.S. during late 2017–early 2018, and services were offered by start-up companies such as Spin, Bird, and Lime. Now the demand for these services has been increasing rapidly, owing to which, many established players in the shared mobility domain are entering in the domain as well. For example, Uber entered into a partnership with Lime in July 2018, and integrated the booking platform of Lime into Uber’s app.
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If bike sharing services are considered, Asia-Pacific (APAC) emerged as the largest micromobility market in the past, which is majorly attributed to the presence of major bike sharing companies in the region, such as ofo, Hello-Bike, and Mobike. In addition to this, the low cost of these services is are also leading to their growing adoption in APAC. In North America, the demand for kick scooter services has been considerably high, which is owing to the presence of major companies in the region. Apart from this, the demand for scooter sharing and biker sharing services is also expected to increase considerably in North America in the near future.
In conclusion, the growing demand for first and last-mile connectivity and low cost of bike and scooter sharing services are resulting in the growing adoption of micromobility solutions.
The research offers market size of the global micromobility market for the period 2017–2025.
Market Segmentation by Service Type
- Bike Sharing
- Kick Scooter Sharing
- Scooter Sharing
Market Segmentation by Region
- North America
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Keywords: Micromobility Market, Europe Micromobility Market, US Micromobility Market 2020, Micromobility Market Buisness Scope, Micromobility Market Foreast, Micromobility Market Growth